Best Savings Accounts
Maximize your returns with the highest interest rates
Quick Summary
- Best overall: ING Savings Maximiser (5.50% with conditions)
- Best no-conditions: Rabobank High Interest Saver (5.00% base rate)
- Best for under 30s: Westpac Life (5.00% up to $30,000)
- Best for large balances: Macquarie Savings Account (5.00% on all balances)
- Cash rate: 4.35% (as of December 2025)
Top High Interest Savings Accounts Compared
| Account | Interest Rate | Conditions | Balance Cap |
|---|---|---|---|
| ING Savings Maximiser | 5.50% | Deposit $1,000+/month, 5 card purchases | $100,000 |
| Ubank Save Account | 5.50% | Deposit $500+/month | $100,000 |
| Macquarie Savings | 5.00% | None - base rate | $250,000 |
| Rabobank High Interest | 5.00% | None - base rate | $250,000 |
| Westpac Life (under 30) | 5.00% | Age 18-29, deposit monthly, no withdrawals | $30,000 |
| ANZ Plus Save | 4.90% | None - base rate | $250,000 |
| BOQ Future Saver (u25) | 5.25% | Age 14-24, deposit $50+/month | $50,000 |
| ME HomeME Savings | 5.25% | First home saver, deposit $2,000+/month | $100,000 |
Rates current as of December 2025. Interest rates change frequently—always verify directly with the provider.
Understanding Bonus Interest Conditions
Most high-rate savings accounts offer a base rate plus bonus interest that requires meeting certain conditions each month:
Common Conditions
- ✓ Deposit a minimum amount monthly
- ✓ Make card purchases (debit card transactions)
- ✓ Grow your balance each month
- ✓ No withdrawals during the month
- ✓ Link to a transaction account
Watch Out For
- ⚠ Balance caps (bonus rate only up to $X)
- ⚠ Introductory rates that expire
- ⚠ Age restrictions
- ⚠ Account keeping fees
- ⚠ Conditions that reset if missed once
Detailed Account Reviews
ING Savings Maximiser - Best Overall
ING offers one of the highest rates available, but requires meeting multiple conditions:
- ✓ Deposit $1,000+ from an external source each month
- ✓ Make 5+ settled card purchases (any amount)
- ✓ Grow your savings balance each month
- ✓ Have an Orange Everyday account (no fees)
Best for: Salary earners who use their debit card regularly and can consistently grow their balance.
Ubank Save Account - Simple Conditions
Ubank (owned by NAB) offers a high rate with simpler conditions:
- ✓ Deposit $500+ each month (any source)
- ✓ Have a Ubank transaction account (no fees)
Best for: Anyone wanting high rates without complex requirements. Even the base rate (4.50%) is competitive.
Macquarie Savings Account - Best No-Conditions
Macquarie offers a flat 5.00% on your entire balance up to $250,000 with absolutely no conditions.
Best for: Large balances, emergency funds you might need to access, or anyone who doesn't want to manage conditions.
Interest Rate Calculator
How much can you earn?
$10,000 at 5.50%:
- Monthly interest: ~$45.83
- Annual interest: $550
$50,000 at 5.00%:
- Monthly interest: ~$208.33
- Annual interest: $2,500
Strategies to Maximize Your Savings Interest
1. Use Multiple Accounts
If you have more than the balance cap (e.g., $100,000), split your money across multiple high-interest accounts:
- $100,000 in ING Savings Maximiser @ 5.50%
- $100,000 in Ubank Save @ 5.50%
- Remaining in Macquarie @ 5.00% (higher cap)
2. Automate Your Deposits
Set up automatic transfers from your salary to ensure you never miss the monthly deposit requirement. Many employers allow split pay deposits.
3. Use a "Spending Money" Strategy
To meet card purchase requirements without extra spending:
- Use your debit card for small purchases (coffee, groceries)
- Split larger purchases into multiple transactions
- Pay bills via card where possible
4. Consider Term Deposits for Stability
If you won't need the money for a fixed period, term deposits currently offer:
- 6 months: 4.75% - 5.10%
- 12 months: 4.50% - 5.00%
- 24 months: 4.20% - 4.70%
Savings Account Tax Implications
Interest is Taxable Income
Interest earned on savings accounts is added to your taxable income. At a 32.5% marginal rate, your 5.50% rate becomes an after-tax return of 3.71%.
| Marginal Rate | 5.50% After Tax | 5.00% After Tax |
|---|---|---|
| 0% (under $18,200) | 5.50% | 5.00% |
| 19% | 4.46% | 4.05% |
| 32.5% | 3.71% | 3.38% |
| 37% | 3.47% | 3.15% |
| 45% | 3.03% | 2.75% |
Alternative Options to Consider
Offset Accounts
If you have a mortgage, an offset account can provide tax-free returns at your mortgage interest rate (often 6%+). $50,000 in an offset saves you ~$3,000 in mortgage interest annually—tax-free.
Government Bonds
Australian Government Bonds (via Exchange Traded Bonds or Australian Government Treasury Securities) offer fixed returns backed by the government, currently yielding 4-5%.
Money Market ETFs
Cash ETFs like Betashares AAA offer returns similar to cash with daily liquidity, currently around 4.75% p.a.
Related Calculators
Bottom Line
In 2025, you can earn 5.00-5.50% on your savings with the right account. For most people, ING Savings Maximiser or Ubank Save offer the best rates if you can meet the conditions. If you want simplicity, Macquarie or Rabobank offer 5.00% with no hoops to jump through.
Remember: the difference between 5.00% and 5.50% on $50,000 is only $250 per year. Don't stress too much about squeezing out every basis point—pick an account that works for your lifestyle and automate your savings.
IntuitiveCalc Team
Interest rates change frequently. Always verify current rates directly with the financial institution before opening an account.